Boohoo first quarter sales up 39%

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Boohoo Share prices
// Boohoo reports 39% jump in sales for first quarter
// Core brand sees 27% jump in revenues, PrettyLittlething up 42% and Nasty Gal up 153%
// Group retains guidance for full year

Boohoo has defied tough trading in the retail fashion market with a 39 per cent jump in sales to £254.3 million.

In the three months to May 31, Boohoo reported strong revenue growth across all geographies with UK sales up 27 per cent and international up 56 per cent.

The group’s core Boohoo brand saw a 27 per cent leap in revenues, with growth of 42 per cent for PrettyLittleThing and 153 per cent for Nasty Gal.

The group kept its guidance for the full 2019-20 year, predicting revenue growth of 25 per cent to 30 per cent with a core (adjusted EBITDA) profit margin of around 10 per cent.

“The group has made a strong start to the year as we continue to disrupt and capture market share in the UK and internationally across all our brands,” said chief executive John Lyttle.

“We have ambitious plans for the group, and continue to invest to ensure that our scalable multi-brand platform is well-positioned to disrupt, gain market share and capitalise on the global opportunity in front of us.”

While its figures provide encouragement for the embattled fashion sector of the industry, Boohoo came under scrutiny from chairman of the Environmental Audit Committee MP Mary Creagh last week after it refused to meet for talks around ethical trading standards.

The Union of Shop, Distributive and Allied Workers is stepping up its campaign for recognition at Boohoo, after the union claims the retailer has not kept its commitments to meet union representatives.

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